No one wants to leave money on the table. It's something property owners strive to avoid. However, with rental units, you must be proactive. If you're not scheduling repairs and interviewing potential renters immediately after a vacancy, you might lose monthly income without enough cash flow to cover monthly expenses.
Ready to reduce vacancy times? It's one of the best ways to increase revenue! Here are a few suggestions to help you fill your units faster and how a Sarasota property management company can help.
Set Optimal Rental Rates
Having the most accurate rental rate can help attract more renters, but what if you don't know how much to charge monthly? If you set the rents too low, you lose revenue. Set them too high, and you risk prolonged vacancies.
To set your rental rates to ensure a profit, use the right research. With this technique, you establish your rental rate based on data, research, and insight into your rental market neighborhood. If you're losing money every month, it might be time to raise the rent. Work with a property manager to handle rent increases appropriately! At lease renewals or when starting a new lease are excellent opportunities to adjust the rental rate.
Stay Ahead of Lease Renewals
Reducing vacancy times means staying ahead of lease renewals. When does the lease term end for your current Sarasota residents? Planning ahead to encourage renters to renew the lease—or give plenty of notice that they don't plan to stay—helps investors plan accordingly.
Why would your renters renew? Why did they choose not to renew? Keeping your renters happy requires hard work to be an excellent rental property owner. Fix things on time, communicate well, be responsive to your renters, even if they seem to have too many complaints about the property, maintenance issues, or neighbors.
Be patient, stay professional, and allow your renters time to air their differences. Effective listening and attention to detail can reduce tenant turnover. Looking for ways to delight your renters can improve their experiences and optimize your return on investment (ROI). With enough preparation 60-90 days before a lease term ends, investors also have time to find new excellent residents when a renter doesn't renew.
Move Fast with Turnovers and Repairs
When a renter leaves, it's time to inspect the property, return the security deposit, make any necessary repairs, and list the property for the next renter. As soon as a renter gives notice that they won't renew, immediately list the unit. Work with your existing residents to make repairs, updates, and schedule showing for new potential residents.
Moving in an expedited manner helps to keep your cash flow consistent (and vacancy rates low). Hiring a property manager is the most effective way to work quickly to find new renters and prepare your Sarasota rentals during turnover.
Use Technology To Find (and Keep) Your Best Renters
Using advanced technology can help you secure quality renters. Put your lease application online and let applicants pay their deposit in your renter portal. A renter portal is a user-friendly, secure, digital interface with the tools residents need to pay the rent, put in a maintenance request, and more. If you're unsure how to set this up, a Sarasota property management company can help.
Tenant portals streamline rent collections and make it easy to view rent processes (accounting and rent collections). Other features include tenant and owner communications and vacancy management. Your renters can conveniently set up direct debit options and view their payment histories.
A property manager can also help with online rental applications. Expert applicant screenings reduce the potential of placing bad renters that result in evictions. Property managers use factors like employment and income verification, credit scores, rental history, and criminal history to qualify new renters and place quality residents.
Hire a Property Management Company
If you are unsure about how to reduce vacancies, hire help. Reach out to a Sarasota property management company that can thoroughly screen your potential applicants. Most property managers don't get paid until they lease your property, and the best professionals never sacrifice quality just to place "any" renter in your property.
The right experts know how to move quickly and use technology to reduce turnover, shorten vacancy cycles, find quality residents, and keep renters happy. They also have the staff to turn rentals faster with professional services that keep your properties competitive in Sarasota!
Property managers help with more than just vacancies. If you want to learn more, read these blogs.
A Sarasota Property Management Company Reduces Vacancies to Protect Your Income
Consistent monthly rental income is critical for long-term success. With careful planning and the right resources, investors decrease renter vacancies and revenue losses! If you're unsure about reducing vacancies or have too many rentals to self-manage your units, it's time for an expert Sarasota property management company!
Gulf Coast Property Management has the resources investors need to find excellent residents, shorten vacancy cycles, and build more long-term wealth. If you're struggling with lengthy vacancy times, let's connect about how we can help.
Find the right property manager for your investments! Download a free copy of our "Guide to Finding the Best Property Manager in Sarasota & Manatee Counties."